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Correction: FRMO Corp. Announces Results for Fiscal 2013
Correction: FRMO Corp. Announces Results for Fiscal 2013.
About this update from Frmo Corp.
[{"type":"text","content":" Normal 0 false false false EN-US X-NONE X-NONE CORRECTION: FRMO Corp. Announces Results for Fiscal 2013Extends invitation to attend Annual Meeting in NYC August 27Elmsford, N.Y. August 8, 2013. FRMO Corp.(FRMO-OTC-PINK) has issued its audited Annual Report for its fiscal year ended May 31, 2013. Correction: In the Condensed Balance Sheets, cash and cash equivalents for May 31, 2013 has been corrected to $26,525 (instead of $6,525). Financial HighlightsFRMO's net income was $10.3 million (26 cents per share pre and post full dilution) for the fiscal year ended May 31, 2013. This amount represents a 215% increase over the 2012 net income figure of $3.27 million that is largely attributable to the realized gain described below on the exchange of its product-specific revenue interests in certain products managed by Horizon Kinetics LLC (\"Horizon Kinetics\"). For the years ended May 31, 2013 and 2012,revenues from the product-specific revenue interests were approximately $2,418,000 and $2,211,000, respectively. As of May 31, 2013, FRMO will receive a single revenue interest (the \"Revenue Interest\") equal to 4.199% of the gross revenues of Horizon Kinetics. On May 31, 2013, the 4.199% Revenue Interest had a fair value of $10.2 million. As a result of this transaction, the Company realized a gain of approximately $10.1 million, which is equal to the fair value of the 4.199% Revenue Interest at the close of business on May 31, 2013 over the cost basis of the revenue interests in the Horizon Kinetics related products transferred to Horizon Kinetics on that date. Tangible book value advanced for the thirteenth consecutive year (since inception) to a record $83.37 million ($1.93 per share) in 2013 vs. $54.26 million ($1.39 per share) in 2012. Current assets, comprised primarily of cash and equivalents and investments available for sale, amounted to $74.84 million. Total liabilities amounted to $12.65 million, the majority being current and non-current deferred taxes. The increase in total liabilities from the 2012 level of $5.05 million is mainly due to the increase in current and non-current deferred tax on the approximately $10.057 million gain from the Revenue Interest transaction Further detail is available in the audited report of the Company's Consolidated Financial Statements for the Year Ended May 31, 2...